Plymouth wind power business enters administration

Mon, 08 Aug 2016 | ADMINISTRATION

Wind power group Rame Energy plc has entered administration, citing Brexit as the main reason for its inability to raise funding.

The company said in a statement: “Due to difficult market conditions and the outcome of the UK referendum on exiting the European Union, the company has been unable to complete the fundraising.

“As a result, the directors, having taken advice, have concluded that the group can no longer continue to trade on a solvent basis."

Two administrators from Leonard Curtis Recovery Limited, Andrew Beckingham and Colin Prescott, were brought in on 4 August 2016 to manage proceedings. The intention is to address the immediate liquidity issues the group is experiencing and to keep Rame Energy on as a going concern if possible.

The Plymouth-based business started out as The Seawind Group in 2002, and is now wholly owned by Rame. It's main operations are located in Latin America, mostly in Chile, and it has been using renewable technologies to generate low-cost electricity to private industrial customers.

The news comes despite the group having won $4 million (£3.1 million) in additional funding to speed up projects in Chile some months ago.

Rame has been involved in domestic, commercial and agricultural installations for over 30 years. It bought solar farm installer Beco Energy Solutions in 2014, which completed a 25kW rooftop installation for a high profile school in Chile last year. The project was to be the first of many more.

Companies in administration


Share this article



Latest Businesses for Sale

Accountancy & Financial Sectors Recruitment Agency
UK Wide

Offers permanent and temporary placements to candidates operating within the accountancy and financial sectors. Maintains long-term relationships with its clients, acting as a trusted advisor to provide impartial and effective support throughout the...

Asking Price: Offers Invited
Turnover: £1,300,000

LEASEHOLD


BEMS, ICT & Building Consultancy
South of England, UK Wide

Provides a comprehensive consultancy service within the building industry. Works with major BEMS systems manufacturers and suppliers and has extensive in-house knowledge. Offers invited.

Asking Price: Offers Invited
Turnover: £656,000

LEASEHOLD


Medical Imaging Software Solutions for Healthcare, Veterinary & Life Science Sectors
UK Wide

Strong second-tier management team in place, able to manage the day-today operations of the business. Serves 200 active clients in the healthcare, veterinary and life science sectors - with some long-standing client relationships in place since incep...

Asking Price: Offers Invited
Turnover: £640,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
13
 
Dec
 

Gateley acquires T-three | BUSINESS SALE

Commercial law and professional services firm Gateley has ac...

 
12
 
Dec
 

Appello acquires Mevivo Careline | BUSINESS SALE

Living solutions provider Appello has acquired telecare and ...

 
11
 
Dec
 

PiggyBank owner enters administration | ADMINISTRATION

DJS Limited, the parent company of payday lender PiggyBank, ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
19
 
Sep
 

Two Yorkshire specialist industrial companies go into administration | ADMINISTRATION

Two specialist industrial companies owned by Hughes Armstron...

 
07
 
Sep
 

Energy company blames Brexit for administration | ADMINISTRATION

A British company that produces energy for the Latin America...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources